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Saltus Wealth Index survey: the numbers
Saltus introduced its Wealth Index survey in October 2021. So far there have been seven surveys, tracking the evolving views of high net worth individuals (“HNWIs”) as the UK goes through a period of shocks, some of its own making, some coming from beyond its shores: Brexit transition, Covid, war in Europe, climate change, the rise of the far right. Below we highlight the views of some of our respondents on some of the key questions the survey tracks.
Hover over a data point to view the results.
The Saltus Wealth Index - how the confidence of High Net Worth Individuals has changed over time
Working with Dr Mike Peacey of the University of Bristol, we have aggregated some key measures to create a single index. The Index had been on an upward curve, following the trough recorded after Liz Truss’s budget. However, this latest survey suggests that confidence has been severely shaken by a combination of external events and actions taken by the Labour government since its election in July 2024. The Saltus Wealth Index now stands at its lowest point since the series began.
Personal finance confidence
Thinking about your own finances, how confident or unconfident, if at all, are you about the next six months?
*Change in methodology: we introduced a neutral category in SWI2
Despite dramatic declines in other parts of the composite measure that comprise the Saltus Wealth Index, there has been very little change in confidence in respondents’ own personal finances. While the fieldwork was undertaken in the late Autumn of 2024 financial markets remained relatively resilient, perhaps driving this measure.
UK economy confidence
Thinking about the UK economy as a whole - not just your own financial position how confident or unconfident, if at all, are you about the next six months?
Confidence in the UK economy has declined precipitously in this latest round of research. For the first time, respondents who have confidence in prospects for the UK economy are outnumbered by people whose outlook is neutral or negative.
Top 5 future concerns
What, if anything, do you view as the biggest risk(s) to your wealth right now? Tick up to 3
For the first time our respondents really focus on two concerns: the resurgence of inflation (which has been such a destroyer of wealth in the post Covid period) and tax, which was a major feature of the first budget of the new Labour government. The fact that these two worries predominate does not mean that other worries have disappeared. High net worth individuals are also notably anxious about geo-political risk and interest rates.
London as a financial centre
Do you believe London will remain Europe’s financial capital in the next decade?
As confidence in the UK economy weakens, so does respondents’ belief that the capital has a robust future as a global hub. The number of the sample that believe London will remain strong, while still a plurality, is at its lowest level since this question was first recorded in the series.
Anxiety about money
To what extent do you agree or disagree with the following statement? 'My money makes me anxious'
Seemingly counter-intuitively, respondents are less anxious about their own money. However, as US stock markets reached new highs during the fieldwork, some people may have seen their net worth inflate correspondingly.
Freedom that money makes possible
To what extent do you agree or disagree with the following statement? ‘My money is a source of freedom for me’
Our respondents continue to see the benefit to their lives that robust personal finances can provide.
Tax
Thinking about the amount of tax you pay in the UK, do you think:
The proportion of people who believe they pay too much tax has climbed steadily in the period post Covid and it now has reached record levels.